Women Corporate Directors

On-Boarding Women

Minnesota’s top 100 public companies have a growing number of women on their boards.

Women Corporate Directors by Seats

(Based on SEC filings as of June 30, 2013)

Women hold 14.9 percent (119) of the 800 available board seats in Minnesota’s 100 largest publicly held companies, a net in- crease of 0.4 percentage points from the 2012 Minnesota Census. This percentage has increased in each of the past two years.

A total of 93 board seats became available across Minnesota’s 100 largest publicly held companies in 2013. Eleven of those seats went to women, only 11.8 percent of the available seats. In 2012, women were appointed to 20 percent of the available board seats.

A total of 59 companies appointed new directors in 2013: 20 companies appointed two or more new directors, and seven companies added three or more new directors. Despite multiple opportunities, only 11 companies added women directors. Ten of those companies had only one new woman director. C.H. Robinson is the only company to add two women directors to its board in 2013.

Of the 93 new board appointees in 2013, 79 were new independent directors — presenting companies with 79 opportunities to diversify their boards by gender. Only 10 of the 79 new independent directors appointed in 2013 were women, or 12.7 percent.

Women represent 17.4 percent of all independent directors across all 100 Minnesota companies.

Women Corporate Directors by Company

Fourteen of the top 100 public companies in Minnesota have three or more women corporate directors, 19 companies

have two women corporate directors, 36 have one woman corporate director and 31 have none. The “one-woman show” (one woman director) remains the most common representation of women on Minnesota boards.

Women serve on the boards of 69 of Minnesota’s 100 largest publicly held companies. This number has remained constant since 2012.

Changes in Women Corporate Directors from 2012 to 2013

A total of 93 new directors were added to the boards of Minnesota’s largest 100 publicly held companies in 2013. Ten companies added a total of 11 new women directors. Minnesota experienced a net gain of four seats for women corporate directors in 2013.

Of Minnesota’s largest 100 publicly held companies, seven companies achieved a net increase of one woman director in 2013, and one company achieved a net increase of two women directors. Four companies had a net decrease of one woman. One company had a net decrease of two women. Eighty-two companies experienced no change in the total number of women corporate directors.

Note: Net increases and decreases can be tracked only for the 95 companies that have remained constant in the Census sample between 2012 and 2013.

Changes in Women Corporate Directors from 2012 to 2013

A total of 93 new directors were added to the boards of Minnesota’s largest 100 publicly held companies in 2013. Ten companies added a total of 11 new women directors. Minnesota experienced a net gain of four seats for women corporate directors in 2013.

Of Minnesota’s largest 100 publicly held companies, seven companies achieved a net increase of one woman director in 2013, and one company achieved a net increase of two women directors. Four companies had a net decrease of one woman. One company had a net decrease of two women. Eighty-two companies experienced no change in the total number of women corporate directors.

Note: Net increases and decreases can be tracked only for the 95 companies that have remained constant in the Census sample between 2012 and 2013.

Women Directors of Color

For the fifth year, the Minnesota Census examined directors’ seats held by women of color. Progress was made in 2013 with the appointment of one additional woman of color to a director position.

Women of color — as classified and named by the U.S. Census Bureau — include women identified as black, Hispanic, Asian, native Hawaiian and other Pacific islander, American Indian or Alaskan native.

Fourteen of Minnesota’s 100 largest publicly held companies have women directors of color in 2013, the same number as in 2011 and 2012. Three of the 14 companies have two women of color serving on their boards. The 12 other companies each has one woman director of color.

Women of color hold 2.1 percent of the available board seats in Minnesota’s 100 largest publicly held companies.

Seventeen women of color hold board seats. This represents 14.3 percent of the total board seats held by women directors in Minnesota’s 100 largest publicly held companies.

Eighty-six Minnesota companies have no women of color on their boards.

Of the new 93 directors added to Minnesota’s largest publicly held companies in 2013, only one was a woman of color.

Women and Companies Doing Well

Fourteen companies had three or more women
directors, achieving the critical mass that research
suggests is essential to impact corporate governance.
Three of these companies (*) increased the number
of women serving on their boards to three or more
in 2013:

Allete (3)

C.H. Robinson (3)*

Christopher & Banks (4)

Ecolab (3)

General Mills (4)

Hormel Foods (4)

Medtronic (3)*

MTS Systems (3)

Otter Tail (3) *

Piper Jaffray (3)

Select Comfort (3)

Target (3)

U.S. Bancorp (3)

Xcel Energy (3)

Ten companies added women directors
in 2013. Eight of those (*) had a net increase: